Stock picks for today

The market has found life quite difficult and rather unsustainable at higher levels and has ended in negative territory. Banks, consumer durables, capital goods, FMCG, IT, pharma and the PSU sector have ended negative in varying degrees while no sector has ended in positive territory. Volume registered a significant decrease (read as turnover) while the undertone seemed weak.

Sensex (Daily)                                                   

Last Close – 9085.89; Support – 9034, 8960; Resistance – 9176, 9274

Trading Range – The Sensex opened at 9254.09, moved up to an intra-day high of 9262.48, declined to an intra-day low of 9050.51 and closed at 9085.89.

Review/Outlook – The Sensex has reflected some amount of weakness to carry on from where it left off during the last trading session, has broken important support levels rather easily but surprisingly enough on significantly lower volume. An intra-day downside below the 9050 level cannot be ruled out while the oversold situation on the intra-day charts would seem to suggest an intra-day recovery. 

R S Soft. (Daily)     

Last Close – 105.50; Support – 101, 085; Resistance – 112, 158 

Trading Range – The scrip opened at 112.90, moved up to an intra-day high of 115.00, declined to an intra-day low of 105.50 and closed at 105.50.

Review/Outlook – The scrip has reflected weakness by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards. 

Welcast Ltd. (Daily)           

Last Close – 422.40; Support – 391, 337; Resistance – 429, 462

Trading Range – The scrip opened at 392.00, moved up to an intra-day high of 423.60, declined to an intra-day low of 392.00 and closed at 422.40.

Review/Outlook – The scrip has reflected strength by moving up virtually from open to close and with the indicators looking positive, a further upside seems to be on the cards. 

Galaxy Ent. (Daily)   

Last Close – 248.75; Support – 241, 203; Resistance – 315, 367

Trading Range – The scrip opened at 255.50, moved up to an intra-day high of 263.00, declined to an intra-day low of 248.75 and closed at 248.75.

Review/Outlook – The scrip has reflected strength by declining from its intra-day high and with the indicators looking negative, a further downside seems to be on the cards.  

Balmer Law. Van. (Daily)  

Last Close – 043.85; Support – 040, 034; Resistance – 050, 079 

Trading Range – The scrip opened at 041.00, moved up to an intra-day high of 043.85, declined to an intra-day low of 041.00 and closed at 043.85.

Review/Outlook – The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.  

Daily Stock Track

Scrip	Support	Last Close	Resistance	Trend
ACC	516, 500	523.55	542, 569	Td
DR. REDDY	934, 879	952.50	998, 1089	Up
HLL	183, 172	188.98	192, 203	Sd
INFOSYS	2813, 2769	2949.55	3074, 3453	Sd
ITC	136, 126	138.10	144, 155	Td
RIL	810, 780	832.30	850, 900	Td
SATYAM	678, 645	694.68	700, 750	Sd
SBI	850, 800	868.80	871, 900	Td
T MOTORS	600, 568	637.75	650, 700	Up
TISCO	361, 349	368.80	373, 390	Sd

GLOSSARY : CMP -- Current Market Price, MACD -- Moving Average Convergence Divergence, RMI -- Relative Momentum Index, RSI -- Relative Strength Index, ROC -- Rate of Change, EMA -- Exponential Moving Average, Cls -- Closing Price, Support -- Level where buying can be expected, Resistance -- Level where selling can be expected, Tu -- Turning Upwards, Td -- Turning Downwards, Sd -- Sideways, Up -- Uptrend, Dt -- Downtrend, Ob -- Overbought, Os - Oversold.